骏马追风，万象更新，值此马年新春来临之际，我谨代表上银基金全体员工向长期以来信任与支持我们 的广大投资者、精诚合作的伙伴们、关注陪伴上银基金的朋友们，致以最诚挚的问候和最美好的新春祝 福！ 2025年是"十四五"规划收官之年。回首旧岁，上银基金紧跟国家发展步伐，深入贯彻党的二十届四中全 会关于加快建设金融强国、推动资本市场高质量发展作的战略部署，积极落实《推动公募基金高质量发 展行动方案》，在强化投研能力、优化产品布局、深化投资者服务等方面不断提升，全体员工凝心聚 力，书写了发展道路上坚实而奋进的篇章。 一、步履坚实：深化布局，持续夯实投研实力 回望2025年，我国经济向新向优，资本市场在改革中坚韧前行。上银基金立足行业发展大势，在主动识 变、应变中精准把握股债市场的新机遇，持续锻造核心竞争力。截至2025年末，公司总资产管理规模 2894亿元，其中公募资产管理规模2516亿元。 二是践行资管机构服务人民的初心与社会责任，精心打造追求长期稳健回报的产品。上银新兴价值成长 混合A与上银鑫达灵活配置混合A均以中长期视角构建组合，以价值投资和均衡策略为核心、注重风险 收益比与回撤控制，成立以来分别超越业绩比较基准1 ...

专题：资本市场大咖2026新春献词：骏马踏春来 驭势稳行启新程 编者按：辞旧迎新，金马贺岁。值此新春佳节，新浪财经特邀公私募领域数十位领军人物，通过镜头与 文字，为投资者送来马年新春祝福。信心如磐，笃行致远。愿这一声声真挚寄语，伴您策马扬鞭，共赴 投资长路。 上银基金总经理尉迟平送来新春祝福。她表示，上银基金将坚守"金融为民"的初心，勇担服务大局的使 命，筑牢合规风控屏障，坚守金融安全底线，与广大投资者、合作伙伴携手并肩，共同奔赴中国式现代 化的壮阔征程，为建设金融强国、共创美好未来贡献我们的专业力量！祝愿大家身体健康，新春快乐， 阖家幸福！ 骏马追风，万象更新，值此马年新春来临之际，我谨代表上银基金全体员工向长期以来信任与支持我们 的广大投资者、精诚合作的伙伴们、关注陪伴上银基金的朋友们，致以最诚挚的问候和最美好的新春祝 福！ 2025年是"十四五"规划收官之年。回首旧岁，上银基金紧跟国家发展步伐，深入贯彻党的二十届四中全 会关于加快建设金融强国、推动资本市场高质量发展作的战略部署，积极落实《推动公募基金高质量发 展行动方案》，在强化投研能力、优化产品布局、深化投资者服务等方面不断提升，全体员工凝心聚 力， ...

Core Insights - The company, Shangyin Fund, has achieved rapid growth by aligning with national strategic directions and focusing on supporting new productive forces, with total assets under management reaching 288.1 billion yuan and public fund assets at 251.5 billion yuan by Q3 2025 [1] Group 1: Investment Strategy - Shangyin Fund emphasizes a "value" and "growth" dual-track approach in its equity segment, focusing on long-term value preservation and identifying structural investment opportunities in high-dividend assets and strategic resources [3] - The company has established a comprehensive product line that includes fixed income, active equity, quantitative indices, FOF, and overseas investments, aiming to become a "solution service provider" and "quality investment tool provider" [2] Group 2: Product Development - The equity products have been expanded to include thematic funds such as advanced manufacturing and resource selection, as well as high cash flow enterprises and hard technology indices [5] - The fixed income segment has developed a three-tier strategy, focusing on basic income, enhanced returns through flexible allocation, and multi-strategy approaches to capture structural opportunities [4] Group 3: Research and Development - The company has built an integrated research center with specialized teams in macro strategy, industry research, credit evaluation, and quantitative analysis, enhancing decision-making support [6][7] - Continuous optimization of investment strategies and team collaboration is emphasized to improve research efficiency and adapt to market changes [7] Group 4: Market Outlook - Shangyin Fund believes that the Chinese stock market has entered a new phase of high-quality development, with ongoing trends in technology growth and emerging sectors such as low-altitude economy and quantum technology [8] - The company highlights the potential for resource-related assets to provide stable cash flow and long-term value due to geopolitical tensions affecting international supply chains [8]

Core Insights - The latest data from the Asset Management Association of China indicates that the net asset value of public funds in China reached 35.08 trillion yuan by the end of July 2025, reflecting a robust growth trend in the industry [1] - During the half-year reporting season for A-share listed companies, many public fund companies have shown strong operational performance, with at least 66 companies disclosing their mid-year results, of which 57 reported profits [1] - Among the profitable companies, 25 achieved double-digit growth in net profit year-on-year, with bank-affiliated public funds making a significant contribution [1] Group 1: Company Performance - Shanghai Bank's subsidiary, Shanghai Yin Fund, reported total assets of 21.06 billion yuan, a year-on-year increase of 15.65%, and net assets of 18.31 billion yuan, up 17.52% [1] - The net profit for Shanghai Yin Fund reached 1.52 billion yuan, marking a substantial year-on-year growth of 70.79%, ranking it among the top in the disclosed data of public fund companies [1] - The fund's asset management scale rose to 272.7 billion yuan by the end of June 2025, with public asset management reaching 250.6 billion yuan, a 13% increase year-on-year [2] Group 2: Investment Strategy and Performance - The investment research team at Shanghai Yin Fund focused on three main lines: technology innovation, policy beneficiaries, and quality dividend assets, significantly enhancing product performance [2] - The fund's stock investment capability received a five-star rating for both five-year and three-year periods, with its equity funds ranking in the top 6 and fixed-income funds in the top 10 for absolute returns over the past two years [2] - The company emphasizes a "product-centered small team operation" model to ensure clear and consistent investment styles, while the fixed-income team enhances research frameworks covering various macroeconomic and credit aspects [3] Group 3: Product Development and Market Positioning - Shanghai Yin Fund aims to create a diversified and standardized product library, covering mainstream business areas such as fixed income, active equity, quantitative indices, FOF, and overseas investments [3] - The company is developing a three-tier strategy for its fixed-income products, focusing on providing diverse asset allocation options for investors in a low-interest-rate environment [4] - Recent product launches include thematic funds targeting advanced manufacturing and resource selection, as well as index products focused on high cash flow companies and hard technology sectors [4][5]